Many people swear by online banking, saying it makes life so much easier for them and they find it far simpler to stay on top of their finances. Yet there are other people who just don’t trust it, and prefer to go to the bank to handle their accounts. Online banking is now available on smartphones, meaning you can transfer money and pay bills while you’re standing in a shopping queue – so you can see why it’s so popular. But with the rise of internet fraud, it’s also easy to understand why some people are still reluctant to put their faith in modern technology. We’ll outline some of the advantages and disadvantages of online banking here – if you are in a quandary and are wondering whether or not to take the plunge, it might help you decide.

Advantages of Online Banking

Online banking certainly saves you time, without doubt. A few clicks are all it takes to pay bills, transfer money, view statements and set up direct debits. It’s a lot easier to view your balance from a laptop or smartphone device than it is to go all the way to your bank, or even a cash machine. In these modern times, it’s the obvious choice for people who just don’t have the time to stand in bank lines.

You have access to your accounts 24/7 and as long as you have the technology, all the information is there whenever you want it. Bank transfers happen almost immediately, meaning there are far fewer delays in money reaching and leaving your account. This is good news, especially if you’re someone who likes to make investments in a variety of different areas and need to see where the money has gone immediately. Some of these investments may include looking into a mini doge miner to mine cryptocurrency or investments in the stock market. The options are limitless, and the fact that this can be done online provides a lifeline for so many. There’s much less paper, and fewer phone bills due to all the information you need being to hand. You can schedule payments, handle multiple accounts and monitor savings, all at the click of a button.

Disadvantages of Online Banking

The main drawback has to be the lack of trust in internet security. Some people are just not comfortable with that level of information being so freely available. They have heard all about keylogging software which records keystrokes and memorizes passwords, meaning your account is always at risk of being hacked. No matter how much banks try to reassure customers that their money is safe, a lot of people find it hard to believe.

The other drawback is that it can be a little hard to get the hang of. Older customers, in particular, do not have the same level of fluency on computers as younger ones do, and they get confused with the password systems and the navigation. They would much prefer to go to a bank and get the teller to do it for them. We’ve all heard the scare stories of online accounts being hacked, so the banks have a hard job convincing us all that our money is safe online.

Whether or not you use online banking has to be a personal choice. There is no doubt it offers extra convenience and flexibility, but for some people, the extra level of risk is just too much to take on. It’s really up to you which method you use – we’re all different!

Author Bio:
Jason Haddad, the author of this guest post, enjoys blogging and reading novels of his favorite genre.